Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be
a. less than $12.
b. more than $12.
c. $12.
d. Any of the above may be correct depending on the price elasticity of demand for the product.
c
Economics
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Which of the following also occurs as the production possibilities curve shifts outward?
A. GDP per capita remains constant. B. The unemployment rate rises. C. Long-run aggregate supply increases. D. Output decrease.
Economics
You decide to go skiing this weekend. It costs $50 for transportation, $50 for lodging, $30 for ski lift tickets and you could have earned $100 as a waiter at a job you love so much you would do it as a volunteer. What is the total cost of the ski weekend?
A. $100 B. $230 C. $130 D. $80
Economics